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Transcribed picture text: accounting transactions are initially recorded in the: A) jae won statements. B) ledger. C) journal. D) T - account. On may 1, a business listed legal services to a customer and billed the customer $3700. The customer promised to salary the business in one month Which journal entry have to the business record on might 1? A) Debit accounts Receivable because that $3700 and also credit business Revenue because that $3700. B) Debit Cash because that $3700 and also credit company Revenue for $3700. C) Debit accounts Payable for $3700 and credit organization Revenue for $3700. D) Debit Cash for $3700 and credit Retained revenue for $3700. Andy agency had a cash balance on may 1 of $29,000. At the finish of May, the cash balance has diminished to $30,000. Throughout the month of May, Andy got cash of $47,000 from various sources. Based on this information, cash payments because that the month of might were: A) $30,000. B) $76,000. C) $46,000.D) $29,000. Under accrual accounting, revenue is recorded: A) as soon as the cash is received, regardless of as soon as the services are performed. B) as soon as the solutions are performed, regardless of once the cash is received. C) just if the cash is got at the same time the solutions are performed. D) in ~ the finish of every month. An expense occurred in 2016, but it is not paid until 2017. Making use of accrual accounting, the expense should show up on: A) the 2016 income statement. B) the 2017 earnings statement. C) whichever revenue statement the service prefers. D) both the 2016 and also 2017 income statements. Under accrual - basis accounting, if a company fails to record a sale on account: A) revenue will certainly be understated. B) assets will certainly be understated. C) net income will still be correct. D) A and also B. Prepaid costs will end up being ____ when their future benefits expire. A) heritage B) profits C) costs D) legal responsibility ____ is the allocation that the price of one asset end the asset's helpful life. A) accumulation B) Expiration C) Depreciation D) Deferral The book value the a tree asset is the: A) gathered depreciation much less the cost of the asset. B) expense of the asset much less the collected depreciation. C) balance in the accumulated depreciation account. D) cost of the asset. Once an convey is made for prepaid rent: A) an heritage decreases and an cost increases. B) an legacy increases and also an expense decreases.

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C) one heritage increases and also another decreases. D) a liability decreases and an price decreases.